Despite enthusiasm over the start of earnings season markets paired gains yesterday. Retails Sales in the U.S. came in lower than expected for the second consecutive month. Investors responded by sending equities lower. In the currency markets the Euro continued to head higher against the USD, explained by reasonably better macro data released by Europe.

Markets recovered during the mid NY trading session, just to pair gains again after the FOMC meeting minutes were published, eventually ending the NY session flat. Fed minutes released later revealed more concern over the economic recovery. The Fed stated that, for the time being, there is no need for new steps to boost the economy. However, in case the economy continues to slow, it might take the necessary measures to accelerate growth.

Forex Market Trends

 
EUR/USD
GBP/USD
USD/JPY
USD/CHF
AUD/USD
EUR/GBP

Daily Trend
up
up
down
up
down
down

Weekly Trend
up
up
down
down
up
down

Resistance
1.2846
1.5369
89.04
1.0613
0.8892
0.8409

1.2815
1.5339
88.70
1.0582
0.8861
0.8388

1.2780
1.5306
88.39
1.0550
0.8830
0.8365

Support
1.2719
1.5244
87.84
1.0489
0.8780
0.8322

1.2691
1.5212
87.51
1.0457
0.8759
0.8298

1.2660
1.5180
87.29
1.0420
0.8735
0.8269